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SEC Approves 8 Ethereum ETFs 🥳

The SEC approved 19b-4 forms for the ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton. Plus the top news, stats, and funding rounds of the week.

Author

Ryan Allis
May 29, 2024

Learn More at www.fyde.fi

Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 250k weekly subscribers. This week the SEC approved 8 Ethereum ETFs, ETH saw modest gains following ETF approval, Coinbase made another push to appeal its case, and big new venture rounds came in for xAI ($6B) and Plume Network ($10M). 

Price performance since we began writing Coinstack in January 2021

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week… 

  1. 🥳 SEC approves 8 Ethereum ETFs, including BlackRock and Fidelity: The U.S. Securities and Exchange Commission approved eight spot Ethereum. ETFs in an ominbus order, confirming a last-minute scramble to get them through.

  1. 🚀 ETH sees modest gains following Ethereum ETF approvals, notes $80 million in long liquidations: Ethereum's price modestly rose over the past 24 hours, following the U.S. Securities and Exchange Commission's approvals of spot Ethereum exchange-traded funds.

  1. ⚖️ Coinbase makes another push to appeal its case against the SEC, citing lawmakers' FIT21 vote: Crypto exchange Coinbase made a second push in a motion to appeal a judge's ruling in its case involving the U.S. Securities and Exchange Commission, pointing to developments over the past week in Congress.

  1. ⚖️ Congress passes bill banning Federal Reserve from creating a CBDC: The US House of Representatives passed H.R. 5403, the CBDC Anti-Surveillance State Act, sponsored by Majority Whip Tom Emmer (MN-06).The legislation blocks the creation and issuance of a central bank digital currency (CBDC) without explicit congressional authorization, aiming to safeguard Americans’ financial privacy.

  1. ⚖️ BitGo’s $100M Suit Against Galaxy Digital Can Proceed, Delaware Supreme Court Rules: Cryptocurrency custodian BitGo will get a fresh chance to sue financial services firm Galaxy Digital over the two companies’ failed $1.2 billion merger agreement after Delaware’s Supreme Court reversed an earlier ruling to dismiss BitGo’s lawsuit.

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💬 Tweet of the Week

Source: @WClementeIII

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1.  Open interest on ETH futures continues to surge to new all-time highs, now surpassing $15.2B and has increased by nearly $4B on the week.

Source: @DavidShuttleworth

2. Over 87,800 ETH ($327M) has been sent to exchanges since the news broke that an ETH ETF approval may be incoming. This is easily the highest level of daily ETH inflows to exchanges since January and marks the third consecutive day of net inflows. In total, more than 122,000 ETH has been sent to exchanges during this time. 

Source: @DavidShuttleworth

3. Last week, there was over $932M of total crypto asset net inflows, led by Bitcoin ($942M), Solana ($5M) and Chainlink ($3.7M). Much of this was driven by positive CPI data and the potential of incoming interest rate cuts. 

Source: @DavidShuttleworth

4. Everyone is so focused on "fees" right now, but they haven't noticed that Uniswap has now collected more than $20M in interface fees, up 105% since increasing the fee to 0.25% back on April 10th. Since then, Uniswap generally collects more than $250K in fees per day, with an all-time high of $751K. 

Source: @DavidShuttleworth

5. The ETH balance on exchanges decreased to a six-year low, signaling increased investor confidence.

Source: @Cointelegraph

6. Top Moving Coins From the Top 100

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

About the Author: 1995 Digital Asset Research, serves actionable insights, market research, and Web 3 Tech Tutorials for informed investing. This is an excerpt from the full article, which you can find here.

Introduction

Last week we got the big news with NVDA beating earnings and ETH getting the green light for the ETF. This week is all about follow through and key levels.

As we cross Memorial Day weekend in the United States that usually signals the start of the summer holiday months. With that, we are also inching closer to a major election now just 6 months out.

We are already seeing this impact, particularly in the crypto markets with both parties now politicizing it in an attempt to gain ground with voters. The rhetoric is only going to heat up going forward and market participants are will be getting overly emotional on the topic.

Similarly, with stocks we will see a lot of discourse around the economy and its overall state of being. Biden will tout stocks at all time highs and Trump will attack inflation. The reality is both of these narratives are true. However, stock generally do better than average in the lead up to an election.

The 60 year cycle and the election cycles we have been closely following suggested to us that we could expect a major low in late May for the stock market. So far we are starting to deviate slightly off the 60 year path for the first time this year.

I mentioned last week that we would need to see the SPY start to roll over if we were going to get that correction to buy. It did just that on Thursday. Friday it was unable to make a new high and then it closed the weekly candle red.

The Nasdaq and Dow also showed weakness into the end of the week. So it’s certainly a setup to watch for that correction this week.

In the 60 year cycle we made a low around the 4th of June. Regardless I would expect to see some more downside this week after that reversal candle we got on the time by degrees date from the SPY IPO.

Same thing for crypto.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela. 

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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